05:06 PM EDT, 05/05/2025 (MT Newswires) -- The S&P 500 and the Dow Jones Industrial Average snapped their nine-day winning streak as traders evaluated updates on global trade and awaited the Federal Reserve's policy decision later this week.

The S&P 500 declined 0.6% to 5,650.4, while the Dow edged down 0.2% at 41,218.8. The Nasdaq Composite closed 0.7% lower at 17,844.2. Barring consumer staples that was little changed, all sectors were in the red, led by energy.

In a social media post Sunday, President Donald Trump said he was authorizing the Department of Commerce and the US Trade Representative to immediately start the process of imposing 100% duties on "movies coming into our country that are produced in foreign lands."

Netflix ( NFLX ) and Amazon.com ( AMZN ) fell 1.9% each. Warner Bros. Discovery ( WBD ) and Paramount Global ( PARAA ) also declined. Wedbush Securities said Warner Bros and Paramount are among the companies that face a "significant amount" of risk stemming from the proposed tariffs on foreign-made movies.

Derek Holt, head of capital markets economics at Scotiabank, said that the move "will be very difficult to implement, and in any event is a self-imposed tax on studios that have lost their edge over the years to often higher quality movies made by studios outside of Hollywood."

The Trump administration is "very close to some deals," CNBC reported Monday, citing Treasury Secretary Scott Bessent. Trump said Sunday that tariff deals with some countries could come as early as this week, according to the report.

The Fed's next monetary policy meeting is scheduled to kick off Tuesday, with a decision on interest rates expected Wednesday. Markets widely expect policymakers to leave rates unchanged, according to the CME FedWatch tool.

Fed Chair Jerome Powell will "toe the Federal Open Market Committee line and stick with the mantra that the central bank needs more information, keeping its communication data-dependent rather than offering any tangible forward guidance," Oxford Economics said in a note.

Holt pointed to an "anticipation of a relatively neutral-hawkish sounding FOMC on Wednesday in the wake of repricing post-nonfarm expectations toward fewer cuts this year."

US Treasury yields were higher, with the 10-year rate rising 2.7 basis points to 4.34% and the two-year rate adding 1.1 basis points to 3.84%.

In economic news, growth in the US services sector unexpectedly accelerated last month, Institute for Supply Management data showed Monday, while an S&P Global (SPGI) survey indicated that activity almost stalled.

"Regarding tariffs, respondents cited actual pricing impacts as concerns, more so than uncertainty and future pressures," said Steve Miller, chair of the ISM's services business survey committee. "Respondents continue to mention federal agency budget cuts as a drag on business, but overall, results are improving."

West Texas Intermediate crude oil was down 2.2% at $57.01 a barrel. Eight members of the Organization of the Petroleum Exporting Countries and its allies on Saturday announced plans to hike production in June for a second consecutive month.

Tyson Foods ( TSN ) shares slumped 7.8%, among the worst performers on the S&P 500. The meat producer's fiscal second-quarter sales trailed Wall Street's estimates amid what it called a "legal contingency accrual."

Skechers USA ( SKX ) shares jumped 24% after the footwear maker agreed to be acquired by investment firm 3G Capital in a deal that will see the footwear maker become a private company.

Berkshire Hathaway's ( BRK/A ) (BRK.A, BRK.B) class B shares dropped 5.1%, while its class A shares were down 4.9%.

Warren Buffett announced over the weekend that he would step down as chief executive of the conglomerate. On Saturday, Berkshire reported first-quarter earnings of $3,200 per average equivalent class A share, down from $8,825 a year earlier. Revenue slipped to $89.73 billion from $89.87 billion a year earlier.

Gold was up 3% at $3,339.40 per troy ounce, while silver gained 1.1% to $32.63 per ounce.